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FRIDAY, JANUARY 17, 1975.
WITHDRAWALS FROM BOND OF DUTIABLE COMMODITIES REGULATED ******
THE GOVERNOR, SIR MURRAY MACLEHOSE, HAS TODAY SIGNED AN ORDER UNDER THE PUBLIC REVENUE PROTECTION ORDINANCE WHICH TAKES IMMEDIATE EFFECT AND EMPOWERS THE DIRECTOR OF COMMERCE AND INDUSTRY TO REGULATE WITHDRAWALS FROM BOND OF DUTIABLE COMMODITIES DURING THE NEXT TWO MONTHS IF. IT SEEMS TO THE DIRECTOR THAT EXCESSIVE DEMANDS FOR WITHDRAWALS ARE BEING MADE.
THE ORDER ONLY AFFECTS WITHDRAWALS FOR LOCAL USE AND NOT DELIVERIES FOR RE-EXPORT.
THE OBJECT OF THE ORDER IS TO PREVENT DELIVERIES FROM BOND OF ABNORMALLY LARGE QUANTITIES OF LIQUOR AND TOBACCO DURING THE PERIOD PRECEDING THE BUDGET.
THE SIGNING OF THE ORDER DOES NOT IN ITSELF INDICATE THAT DUTIES WILL BE RAISED BUT IT IS A NECESSARY PRECAUTION WHICH MUST BE TAKEN TO PROTECT THE REVENUE, AND TO PREVENT WINDFALL PROFITS BEING MADE AT THE EXPENSE OF THE REVENUE, IN THE EVENT THAT A DECISION TO INCREASE DUTIES IS IN FACT INCLUDED IN THE BUDGET. IT IS LIKELY THAT SIMILAR ORDERS WILL BE MADE AS A MATTER OF ROUTINE IN FUTURE YEARS.
UNDER THE AUTHORITY GIVEN BY THE ORDER, DIRECTOR OF COMMERCE AND INDUSTRY HAS ISSUED INSTRUCTIONS FOR THE REGULATION OF RELEASES OF TOBACCO WHICH HAVE IMMEDIATE EFFECT. FURTHER INSTRUCTIONS AFFECTING OTHER COMMODITIES MAY BE ISSUED AT A LATER DATE.
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